Explanation
BACKGROUND AND FISCAL IMPACT:
The Department of Finance and Management expects that 2011 expenditures for fuel, both gasoline and diesel, will exceed the amount that was originally budgeted. While prices have come down over the past month, they were higher than had been originally projected for the first eight months of the year. The Division of Fleet Management has identified surpluses in other areas that will offset the increased cost of fuel.
In order to properly align appropriations with projected expenditures and allow the Fleet Management Division to operate without interruption, it is necessary to transfer $468,500 within Fleet Management.
This ordinance is submitted as an emergency so as to allow these financial transactions to be posted in the City's accounting system as soon as possible. Up to date financial posting promotes accurate accounting and financial management.
Title
To authorize and direct the City Auditor to transfer $468,500.00 within the Fleet Management Services Fund to provide funding for fuel and vehicle parts; and to declare an emergency. ($468,500.00)
Body
WHEREAS, expenses in the Division of Fleet Management are expected to be higher than budgeted due to world wide price increases for fuel and due to the need for more vehicle parts for ongoing maintenance and repair; and
WHEREAS, to cover these additional expenses and to properly align appropriations and expenses, it is necessary to transfer funds between characters within the Division of Fleet Management; and
WHEREAS, this will allow the Division of Fleet Management to continue to operate without interruption: and
WHEREAS, a financial review within the Division has identified surpluses, a portion resulting from encumbrance cancellations, within various characters that are available to transfer to help cover these expenses; and
WHEREAS, this ordinance is submitted as an emergency so as to allow the financial transaction to be posted in the...
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